In 2018, the global residential lighting fixtures market was worth USD 14.92 billion. The market is expected to grow due to increasing demand for energy-efficient fixtures over the forecast period. Lighting fixtures that are energy-efficient and economically efficient are replacing more traditional devices. The Internet of Things (IoT), has also increased product visibility for millennial customers.
Smart homes are increasingly embracing lighting fixtures as an important part of home decor. Due to their rising purchasing power, consumers have been investing more in home decor. The demand for dimmable and brightness-controllable lights has increased significantly over the last few years. They can create the right atmosphere with the lights.
The rapid urbanization of emerging economies such as Brazil, India, China and India is expected to fuel the market for residential lighting fixtures in the coming years. This is due to consumers' changing lifestyles and increased income. The demand for lighting fixtures will be further fueled by the availability of attractive and cost-effective lights.
Manufacturers have more opportunities due to the increased adoption of LED lighting, which is replacing traditional incandescent bulbs. Manufacturers have been increasing their product range with LED lights over the years by developing new fixtures and acquiring companies to meet the growing demand.
The ceiling and wall-mounted segment represented more than 60% of total market share in revenue for 2018. These products are the most popular solutions for overall room lighting in households. Wall-mounted fixtures can balance the brightness by reflecting light off walls and ceilings. These fixtures make rooms appear larger and brighter, while also creating a pleasant atmosphere. These products are also popular because they come in a variety of styles and can be used with any kind of decorating scheme or home.
The fastest CAGR for pendant and chandeliers is 6.6% between 2019-2025. The key growth driver is the rising spending on home decor and the growing purchasing power of consumers. For decoration of living rooms, chandelier lights are gaining popularity as they add an elegant and attractive look. The segment is expected to grow due to a rising demand for pendant lights that enhance the brightness and look of the kitchens and dining rooms.
In 2018, the offline channel held more than 80% of the market. These channels are largely driven by the availability of detailed instructions for installation by product specialists. Consumers are more inclined to buy from the offline channel because they have access to compatible lighting accessories.
The fastest growing segment in the online market is expected to grow at a CAGR of over 8% between 2019 and 2025. Online product sales have been increasing due to the rapid growth of ecommerce in the home appliance industry. The U.S. is the country with the highest e-commerce penetration. E-commerce for lighting fixtures is expanding rapidly in Asia Pacific countries like India and China. Amazon, an e-commerce company, bought Souq, an online retailer from the Middle East, in July 2017.
The Light-emitting Diodes (LED) and Organic Light-emitting Diodes (OLED) segments accounted for over 50% of total revenue in 2018. OLED and LED bulbs are extremely energy-efficient and long-lasting. These bulbs consume 90% less power than traditional incandescent lamps. Incandescent bulbs are being replaced by LED lights more frequently. Many countries have regulations that regulate the consumption and discontinuation of incandescent bulb production. Incandescent bulbs will be phased out over the next few years.
China has prohibited the import and sale of certain incandescent bulbs since October 2012. This was done to promote LED, a more efficient lighting source. Similar bans have been implemented in other countries such as the U.S., Russia and Norway, South Korea, Malaysian, South Africa, South Africa, Brazil, South Africa, South Africa, South Africa, South Africa, Brazil, South Korea, South Korea, Malaysian, Japan, South Africa, South Africa, South Africa, Brazil, Egypt, U.K., UAE, South Korea and South Korea. The faster price drop of LED lights has also accelerated the adoption of these products in the home.
Asia Pacific accounted for more than 45% global revenue in 2018, and was the largest market. The region's growth will continue to be influenced by the high population density in key markets like China and India. The regional governments will spend more on urbanization and electrification, which is expected to increase the utility of residential lighting fixtures.
The fastest growth CAGR for Africa and Middle East is over 8% between 2019-2025. The top markets for lighting products are South Africa, UAE and Saudi Arabia. South Africa's rural population is home to 64% of its electricity. This shows the huge potential for growth in these markets over the next few decades.
To meet the growing demand for LEDs, major companies have acquired existing businesses. Acuity Brands, Inc. purchased two LED businesses, eldoLED, and Distech Controls, respectively, in 2013.
This report predicts revenue growth at the global, regional and country level and offers an analysis of industry trends for each sub-segment from 2015 to 2025. Up Market Research has divided the global residential lighting fixtures market report by source, product, distribution channel and region.
Source Outlook (Revenue USD Million, 2015-2025)
Incandescent
Fluorescent
OLED & LED
Product Outlook (Revenue USD Million, 2015-2025)
Ceiling
Pendant & Chandeliers
Wall Mounted
Portable
Other
Distribution Channel Outlook (Revenue USD Million, 2015-2025)
Offline
Online
Region Outlook (Revenue USD Million, 2015-2025)
North America
The U.S.
Europe
Germany
The U.K.
Asia Pacific
China
Japan
Central & South America
Brazil
Middle East & Africa
South Africa
Up Market Research published a new report titled “Residential Lighting Fixtures Market research report which is segmented by Source (LED & OLED, Fluorescent), by Product (Pendant & Chandeliers, Ceiling), By Players/Companies Nichia Corporation, in 2013 and 2015 respectively, Everlight Electronics Co, eldoLED and Distech Controls, Cree Inc, Ltd Major companies have been acquiring existing LED businesses to cater to the rising demand For instance, Hubbell Lighting, Inc acquired two LED business, Inc, Eaton Corporation, OSRAM Licht AG, namely, General Electric, Inc, Acuity Brands, Panasonic Corporation, Acuity Brands, Koninklijke Philips NV”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Residential Lighting Fixtures Market Research Report |
By Source | LED & OLED, Fluorescent |
By Product | Pendant & Chandeliers, Ceiling |
By Companies | Nichia Corporation, in 2013 and 2015 respectively, Everlight Electronics Co, eldoLED and Distech Controls, Cree Inc, Ltd Major companies have been acquiring existing LED businesses to cater to the rising demand For instance, Hubbell Lighting, Inc acquired two LED business, Inc, Eaton Corporation, OSRAM Licht AG, namely, General Electric, Inc, Acuity Brands, Panasonic Corporation, Acuity Brands, Koninklijke Philips NV |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 238 |
Number of Tables & Figures | 167 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Source (LED & OLED, Fluorescent), by Product (Pendant & Chandeliers, Ceiling).
Residential Lighting Fixtures Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Residential Lighting Fixtures Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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